Drive around Hillsboro, Oregon in 2020 and you would never know there is a worldwide pandemic on. There is construction everywhere and I mean everywhere. INTEL is well into its 4th major expansion with another $3 Billion dollars being invested as 12 cranes fill the skyline! Reeds Crossing and South Hillsboro are blowing up with builders staking claims all over the farms that used to grace the areas along TV Highway and Cornelius Pass. And Data Centers are filling in more of the Tualatin Plains to the North along Shute/Brookwood and Meek Road!
Yes folks it is high times in Hillsboro, Oregon! Along with all of this employment and infrastructure have come jobs and with jobs have come people. Lots of people! So many that there is no room to park a truck at the local U-Haul!
With a dozen people a day moving into town on a busy day there has been a housing boom. Yesterday we reported that prices were up 6% year over year City we with some sub-districts being up 15% or more. No wonder that Fidelity National Information Services, a trusted National data partner, is giving Hillsboro two of the top 15 spots in the “Hottest Hoods” report. Hillsboro’s zip codes took the #3 and #12 post overall for the most units moved! That speaks to the number of homes sold and explains our appreciation rates and the booming market.
Lots of folks getting homes but even more looking. The biggest concern is affordability with nary a unit in site for much of the local population based on economic facts. Median prices in the 97124 district were at $500,000 last week and in 97123 we saw the median hit $565,000. Many of our homebuyers are relocations to the Hillsboro market likely seeking shorter commute times and coming in from out of the Region.
All the best out there to all of our house hunters.
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